Empowering New Industrialization, XCMG Machinery's 2024 Annual Report Highlights High-Quality Development
XUZHOU, China, May 13, 2025 /PRNewswire/ -- XCMG Machinery ("XCMG", SHE:000425), a global leader in construction machinery, has published its 2024 Annual Report, showing strong performance with net profit attributable to shareholders reaching CNY 5.976 billion (USD 821.866 million), a 12.2 percent increase year-on-year. The total revenue remains stable at CNY 91.66 billion (USD 12.61 billion).
XCMG continues to maintain a leading position in China's construction machinery industry. Its non-deductible net profit reached CNY 5.762 billion (USD 792,435 million), up 28.14% year-on-year. The group's gross profit margin and net profit margin show continuous improvement with a significant increase in operating cash flow of 60.18 percent year-on-year to reach CNY 5.720 billion (USD 786,660 million). The net sales margin also increased by 0.89 percent year-on-year to 6.53 percent in 2024.
The proportion of overseas revenue has continued to grow. In 2024, the overseas revenue reached CNY 41.687 billion (USD 5.73 billion), marking a 12 percent increase year-on-year and accounting for 45.48 percent of the total revenue.
XCMG's R&D investment is up 11.1 percent in 2024 with an investment of about CNY 5.6 billion (USD 772.8 million), which accounts for 6.11 percent of the revenue. By the end of 2024, the company has 7,619 R&D staff, an increase of 12.13 percent. Throughout the year, it added more than 1,600 new authorized patents, over 750 of which are patents for invention.
High-quality development and long-term returns on value investment
Showing resilient growth, 2024 was a year of breakthrough for XCMG, with accelerated development of intelligent transformation, digitalization and networked operation and stable growth showing high-quality development momentum.
XCMG is taking the lead to drive transformation and unswervingly take the new industrialization path powered by AI, accelerating innovative, high-quality development with its own characteristics. XCMG HANYUN especially focuses on the three major sectors of intelligent manufacturing, internet of vehicles and unmanned applications scenarios leveraging HANYUN OS and AI technologies as the core.
With high-quality development and sustainable performance as the foundation of success, XCMG shares the fruits of development with investors through cash dividends, share buybacks and more, showing confidence through the increase of shareholding by the major shareholders, shareholding by employees and equity incentives.
In 2024 , XCMG's cash dividends remained at CNY 2.127 billion (USD 292,521 million). The Company will continue to advance its share repurchase program, the initiative including to allocate no less than CNY 1.8 billion (USD 247,550 million) for equity incentives and employee stock ownership plans, while dedicating a minimum of CNY 300 million (USD 41.258 million) to share cancellation through repurchases.
XCMG continues the growth trend in the first quarter of 2025 reporting an operating income of CNY 26.815 billion (USD 3.69 billion), an increase of 10.92 percent year-on-year; net profit of CNY 2.022 billion (USD 278,081 million), a year-on-year increase of 26.37 percent; deducted non-net profit of CNY 2.007 billion (USD 276,018 million), a year-on-year increase of 36.88 percent, and operating cash flow was up nearly 2.6 times.
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